Which States’ Real Estate Markets are Doing the Best and Worst? – Real Estate Investing Today
A recent report from Bankrate.com says that before the Coronavirus-indiced recession, states like Utah were already “on fire,” however residents from high-tax states like California & Washington emigrating and added fuel to that fire. States like Utah, Montana, Nebraska, Idaho and Indiana are hotter than ever as well as many others experiencing strong housing economies as of Q4, 2020.
“Dave Robison, president of the Utah Association of Realtors, sums up the activity simply. “It’s insane,” says Robison, a real estate broker in Salt Lake City.”
Bankrate.com says these five states had the strongest housing economies in Q4, 2020:
- Utah – Its home values jumped 15.4% in the 12-month period that ended Dec. 31, third-best among U.S. states, according to the Federal Housing Finance Agency. Utah posted the second-strongest job growth in the nation from December 2019 to December 2020, according to a Bankrate analysis of Labor Department data. And its tax burden is among the lowest in the nation, according to the Tax Foundation.
- Montana – Home prices rose 15.5% in the past year, and Montana has the nation’s lowest level of past-due mortgage payments, according to the Mortgage Bankers Association.
- Nebraska – A state not usually associated with housing booms, Nebraska had the nation’s lowest unemployment in December, at just 3%. Its home price appreciation was a robust 12% for the year.
- Idaho – Idaho’s home prices have been the hottest in the nation, soaring 21.1 percent in the year ending Dec. 31. And job growth is the strongest in the country. However, Idaho’s overall ranking was tempered by middle-of-the pack readings for cost of living and taxes.
- Indiana – The state’s home prices jumped 12.3% in 2021, and its tax burden is the 9th lowest.